Ann: $A26m Placement and Withdrawal of Entitlement Offer, page-2

What a disaster....

The announcement is hiding the awful truth, they 10000% stuffed up the raising, in every way possible.

1st - the initial price was at too small a discount
2nd - the size of the placement was huge (which counters their argument of being dilutive in the first place)
3rd - they then changed the price to $2.5, but still the insto's have told them, no bloody way, there are cheaper stocks on the market we can buy, make it say $2.00, but DCN board said now, as they now realise that they waited waaaay too long to do the capital raising.
4th - what a joke about being too dilutive.... it would have been less dilutive if they had raised the money at $3.50, which was the share price just a couple of months ago.

Management need a serious kick in the pants, as they have made a huge mistake. so much so that I think they have just proven to the insto's that they should not be the ones running the company when it comes into production.... i.e someone other company needs to buy them out.